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Book/movie review
22/08/2022
Discuss why Goldman Sachs was a disciple of Albert Carr’s theory of “business is a poker game and we are all bluffing.”
This posting should be at least 250 words.
1st student Response (arthi gaddam):
Now and again in the past Albert Carr disseminated an article in Harvard Business Review that ethic in business are not exactly equivalent to ethics of private life, believe it or not, its essentially like ethic of game-poker. Something, for instance, hiding the absolute truth or faking which is seen as indecent normally in our lives is allowed in associations. One of the perfect occasions of this is the Goldman Sachs case that happened in 2010. The U.S. Assurances and Exchange Commission blamed Goldman Sachs $500 for a deception of deceiving its money related masters in a subprime contract thing when the U.S. dwelling business segment had started to crash. The issue was that Goldman Sachs was missing key facts or giving lacking information about the home advance thing to its money related experts. Goldman Sachs had assented to pay the discipline without surrendering or denying the charge. This is a perfect instance of Albert Carr’s theory that business takes after poker game and you will by and large pretend.
The aggregate $500 that Goldman Sachs was rebuffed with was low diverged from what it makes. Its uncovered that the association makes that total in as low as three weeks. Pretending in business is both expected and genuine and any social occasion can make profits by misinterpretations and misled into obtaining or selling something. If this movement of an association doesn’t exceed law and is only a perplexity its idea about good
References:
Chilvers, I. (Ed.). (2003). The brief Oxford lexicon of craftsmanship and specialists. Oxford University Press.
Castel, R. (2011). Game Based Learning for Project Management (Doctoral paper, Master postulation, Department of Business Administration, Athabasca University, Canada).
2nd student response (hyndavi mandava) :
Bluffing is considered as a formal way to lie in most situations and viewing this as an advised way to survive in a trade field is like politely asking the dealer to lie to a potential customer. This is unethical for people who consider business to influence their personality in general and they find it hard to survive and gain by not using this bluffing technique. It is said that for a business deal to be won with great returns, one needs to forget about ethical values and bluff their way through. Being influenced by this scenario and other people who are engaged in the same occupation are sub consciously trusted to follow business bluffing in order to achieve proven results. According to Albert Carr’s vision, business directives have almost similar meaning and indicative of these bluffing techniques and a limit to the extent that these can be pulled off in between the companies to perform ethically.
Goldman Sachs is a worldwide investment banking company that provides services to their clients like advising on their finances and transactions to help and support their growth in investment banking. They are extensively supportive of the multicultural and have experience dealing with multiple groups of people around the world. They advise their consumers on the places and areas to bank and invest on and are also innovative while making these suggestions as they keep up with the trend. They recently had to go through a lawsuit settlement that came to light that made us question the limits of business bluffing. The foundation question of their moral is when the company is advocating an action to their consumer, the final output which can go both ways and is only promised to be positive with their words can get the end result in a non-positive way. When this happens the bluffing then comes to light to the client that the company does take no responsibility to their suggested endorsements and have to be bared by the consumer. Whereas the output of any kind is being used by the company to generate new ideas by considering the practical examples of their clients.
References:
1. Carr, A. Z. (1968, January 1). Is Business Bluffing Ethical? Retrieved from https://hbr.org/1968/01/is-business-bluffing-ethical
2. Mogielnicki, M. (2011). Corporate codes of conduct and business principles in light of the Goldman Sachs lawsuit settlement. Review of Business & Finance Case Studies, 2(1), 57-68.
The writer is very fast, professional and responded to the review request fast also. Thank you.
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